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Financing : Nationwide Real Estate Advice

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Activity 20,692
Yesterday at 9:51am
Sheryl Arndt answered:
Yes 20% down hard money lenders are available now. You may qualify for better rates and terms with other financing so the hard money is a last resort.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 4 answers Share Flag
Yesterday at 7:51am
Pattykolo888 asked:
Is her money in that account viewed as my money as well since my name is on the account?
0 votes 0 Answers Share Flag
Yesterday at 5:38am
Lauren asked:
We have the financial means to save through our income before closing and also have a 401k we could borrow from. We were planning to do a 5% down conventional loan. There seems to be a lot…
0 votes 0 Answers Share Flag
Yesterday at 5:02am
Lauren asked:
Or, can I show that we have the means from income to save enough to cover closing costs before closing? We also have a 401k we can borrow from.
0 votes 0 Answers Share Flag
Yesterday at 12:55am
inna ivchenko answered:
Depends if you are employed or self-employed, your income, your downpayment, the price of the property you want to purchase.
0 votes 11 answers Share Flag
Sat Feb 18, 2017
Stanley G Buffett answered:
I got a 640 score l saw a home for 500.000 l got 20% down
0 votes 9 answers Share Flag
Sat Feb 18, 2017
Sheryl Arndt answered:
You may already qualify for FHA financing with your scores.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in Santa Rosa start from 250k for 2bd 1ba condo and up. You may qualify to buy with minimum out of pocket expenses...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 5 answers Share Flag
Sat Feb 18, 2017
Sheryl Arndt answered:
I don't know about lease options or seller financing now in 2017.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 15 answers Share Flag
Fri Feb 17, 2017
Donald D. Hensel answered:
There are many hard money lenders out there willing to do fix and flip loans. You should be able to find one in your area as long as you have a reasonable project plan and equity to contribute to the deal. http://www.northcoastfinancialinc.com/hard-money-lenders-california/san-luis-obispo-hard-money-lenders-loans/ ... more
2 votes 3 answers Share Flag
Fri Feb 17, 2017
Swrector asked:
Fri Feb 17, 2017
Donald D. Hensel answered:
You will need to find a hard money lender who is willing to do a 2nd loan for you which is unlikely since you are looking for 100% financing and won't have any equity in the deal.
http://www.northcoastfinancialinc.com/hard-money-lenders-california/alameda-hard-money-lenders-loans/ ... more
1 vote 3 answers Share Flag
Fri Feb 17, 2017
Donald D. Hensel answered:
Hard money lenders protect themselves by ensuring the borrower has plenty of equity in their property. The higher the combined loan to value (CLTV) the less likely you'll find an interested hard money lender.
http://www.northcoastfinancialinc.com/hard-money-lenders-california/santa-clara-hard-money-lenders-loans/
... more
2 votes 3 answers Share Flag
Fri Feb 17, 2017
Donald D. Hensel answered:
North Coast Financial provides hard money loans in San Jose and throughout the state. Let us know next time you have a fix and flip loan in San Jose.
2 votes 7 answers Share Flag
Fri Feb 17, 2017
Jlobaughsullivan answered:
I am in DESPERATE need of refinancing of my manufactured home. PLEASE HELP!!!!
0 votes 35 answers Share Flag
Fri Feb 17, 2017
Riadnancy33 asked:
Fri Feb 17, 2017
Jabdiana asked:
since my mortgage was already adjusted can it be adjusted again once my homestead is approved or do I have to wait another year?
0 votes 0 Answers Share Flag
Thu Feb 16, 2017
Rodney Poplin answered:
Our company In Park Lending, a division of MH Loans Corporation offers financing for manufactured and mobile homes in parks or on leased land in California, Texas and Florida.
www.inparklending.com or call us at 888-200-4903. ... more
0 votes 16 answers Share Flag
Thu Feb 16, 2017
Gunzusmc answered:
I need help quickly. I have a home which has a Value of 180. I owe 25g. My wife is currently getting treatments for Cancer, The Monthly ins cost are 600. And with the unpaid coverage Its depleted or Savings and is now seeing the world begin to slip away. For any one who can help? I have just filed My dd214. I have my VA loan rights. I would like to pay off all my debits and thats going to be 60g The Home is Valued at 190. This is what I need, I can have someone co sign.

The Dr have said she will recover and the chance of it returning are always possibility, I would like to have anyone help find me a lender. The Home is in reidsville NC.
... more
0 votes 27 answers Share Flag
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